PM Modi's US visit to bolster bilateral ties: Industry bodies

CII and Assocham have said the Prime Minister's visit to the United States will strengthen technological collaboration and commercial relations between India and the US.

PM Modi's US visit to bolster bilateral ties: Industry bodies

Saturday June 24, 2023,

3 min Read

Prime Minister Narendra Modi's US visit will boost bilateral ties and deepen strategic technology collaboration in areas such as defence, semiconductor, space and artificial intelligence, Indian industry bodies said on Saturday.

PM Modi left for Egypt on Saturday after concluding his United States state visit, during which he held talks with President Joe Biden and addressed the joint session of Congress.

Confederation of Indian Industry (CII) Director General Chandrajit Banerjee stated that the visit has culminated in laying a strong foundation for strengthening the Indo-US relationship.

"A new chapter has been added to the partnership that will see a much stronger collaboration in strategic technology collaboration, including defence, semiconductor, and space and in emerging technology sectors like AI and quantum, advanced materials, biotechnology, and telecommunications," Banerjee said.

He observed that the visit is significant as there are new areas where the industry, on both sides, would benefit greatly from the outcomes.

"This also creates an enabling environment for the private sectors on both sides to flourish in the spirit of true partnerships. This visit is especially significant, as it would help create greater play of manufacturing in India, FDI flows and, naturally, more employment," Banerjee said.

Another industry body Assocham (Associated Chambers of Commerce and Industry of India) said the Prime Minister's visit has taken India-US strategic and commercial relations to greater heights, paving the way for immense opportunities for bilateral engagement.

"Prime Minister's visit is being viewed as a turning point in Indo-US relations in a fast-changing world order which would see both the countries emerge as the most influential economies with strategic prowess in the unfolding international political economy," said Assocham Secretary General Deepak Sood.

He observed that while Modi demonstrated India's soft power as he participated in the International Yoga Day at the UN headquarters in New York, the Prime Minister's personal chemistry with President Biden at the White House demonstrated shared cultural values of the two largest democracies of the world.

"In his inspirational address to the joint sitting of the US Congress, Modi conveyed to the world substantive all-round progress India has made in the most critical areas for our country and the world," Sood said.

He added that the Make In India initiative has started yielding dividends in electronics and the strategic space of defence manufacturing, as is evident in the deal between GE Electric and Hindustan Aeronautics for manufacture of fighter jet engines in India.

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